Paycor surveyed HR and finance leaders in the manufacturing industry to find out what they’re thinking at the close of the year and how they’re planning for 2021.
Paycor delivers these insights to help you better understand what you need to do at this critical moment. Download this survey to learn about:
Part 1: Manufacturing Overview
Eighty-five percent of Manufacturers say the pandemic has been somewhat or very disruptive to their business, citing forced shutdowns, reduced demand and uncertainty as their top 3 challenges. Nevertheless, 80% expect to be profitable in Q1 2021, which makes Manufacturers 8% more confident than other industries.
Part 2: Compliance
Fifty-eight percent of Manufacturers expect compliance to be more of a concern in 2021. And yet 40% don’t use HR technology to mitigate compliance risk. That may seem like a disconnect, but as we dug deeper, we found that only 11% say their HR technology is “very effective” at handling compliance. It could be that Manufacturers don’t realize how effective modern, sophisticated HCM technology can be at managing compliance.
Part 3: Mental Health in the Workplace
A large majority of Manufacturers (85%) are concerned about mental health, but very few know what to do about it. While 74% say they’ll reevaluate benefits in 2021, 46% say they’re not sure if they’ll change their benefits offerings to include mental health and well-being programs. This suggests that Manufacturers need to work with qualified healthcare brokers to better understand what benefits are available to address what is obviously a top concern.